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Bidvest sale keeps interim earnings stagnant

19th February 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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Diversified industrial group Bidvest on Tuesday said it expected higher headline earnings and basic earnings for the six months ended December 31, 2012; however, a one-off profit pushed headline earnings slightly lower than the comparative period in the prior year.

The group expected to report a rise of between 17% and 19% in headline earnings a share for the six months under review, compared with the 613.4c a share recorded in the interim period ended December 2011.

Earnings a share would be between 23% and 25% higher than the 581.8c reported in the corresponding period the year before.

However, Bidvest pointed out that its headline earnings a share were expected to be 1% to 3% lower than the 742.3c recorded during the six months ended December 2011 if an abnormal profit of R399.1-million on the partial sale of Bidvest’s investment in Mumbai International Airport Private was included.

Earnings a share for the six-month period to December would be between 1% and 3% higher, compared with the 710.8c a share reported in the six months to December 2011, if the one-off profit was taken into account.

Bidvest would release its financial results for the six months to December 2012 on March 4.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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